Why the World Abandoned the Gold Standard
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- เผยแพร่เมื่อ 24 ก.ย. 2024
- Check out Episode 1 here: • The World's First Bill...
This episode of Business History talks about the history of the Gold Standard. From early 640 B.C. in modern-day Turkey to the Bretton Woods Agreement after World War II, and then to the fiat currency system we currently have today, Gold has played a significant role in the monetary systems for thousands of years.
#BusinessHistory #S01E02
nice ending " US Dollar is backed by nothing by promise and a smile"
No it is backed by Military, they destroy countries and take their money when needed
Largest military!
It is backed by debt.
Wrong it’s backed by the full force and arsenal of the United States Military.
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I can see this channel having 100k subs in a few months. Well explained animated videos and good audio.
Thanks, man! I appreciate it.
Something did not workout
@chris stirens lol. It’s sitting at 3820 subs
Wrong.
I was sure this channel had like 500k, then I saw your comment and thought:"well yeah he must have got that right huh?" ...... This channel deserves more attention!
Bro your content is soooo good!
Keep doing you man, one of these videos will blow up at some point and all the views will be headed your way
World trade should be in *Digital Gold* instead of Dollar.
And all trade deficits should be paid in physical Gold on timely basis. (i.e. yearly or quarterly basis)
And it’s on the way. XRP
@@MisterW-24 how about real allocated location gold?
In short, without watching this video, the Gold standard was ended to allow bankers to loan infinite created money backed by nothing but faith, to make profit on with interest, to governments who want u limited spending and profits with that money, while having it all payed for by the common people. Essentially devaluing their labor, meaning your time is now worth less because the money is as well.
Thanks for that, you know if our money was gaining value before it was unpegged?
The world didn’t abandon the Breton-woods system.
The world was FORCED to abandon their Gold in American Vaults.
Forgot the part where our foreign policy is driven by our desire to keep the USD as the world standard and has committed human rights violations for this purpose alone.
I think that obvious though US vs Vietnam no need for US to kill other citizens in another country just because they were communist
You mean the way every single global power in the world has fought to retain it's hegemony?
@@andrewwamusembi7027 not very exceptional, is it?
holy shit, how do you have less than 1k subs? your vids are amazing
If this was posted in a famous channel. It would've had +10k likes.
Exclusive video , thank you.
I loved Bretton Woods,he said "oogum boogum oogum hurry up and shave your stuff now..yeah..well i said oogum boogum oogum boogum,,hurry up and shave your thing girl..yeah". I also liked "Think you got your fools mixed up".
Dude keep making videos, they're great!
thank you
Temple debt was used as money about 2000 years before gold
For starters, the world did not abandon the gold standard , that was the sole desicion of the US Nicon Government.The world did not agree on it, nor where they consulted.
Countries are more than welcome to back their own money by gold. No one is stopping them.
At Fort knox, they opened ONLY ONE of the rooms.....no proof of anything
Why is gold being issue of the bretton wood system?
What causes the bretton wood systems to collapsed?
Vietnam war debt.
How gold standard affects the globalization?
Globalization wasn't really present during the gold standard (ended in 1932)
Bretton Woods ended in the early 70s
Awesome video. It would be nice to see an update after 4 years of Biden and BRICS.
This is the video I show my kids , when I wanna teach them the when the world was fucked .
This video is missing some key information......I wonder why....
why you using a pre-1801 British flag?
Thanks, it helps a lot. keep making videos!
Print and spend. Print and spend.
Why would currency values drop if new gold deposits were found? Should not it be the other way round? Timestamp : 1:16
Hi Somdeb, good question. This is because of the increase in the supply of gold while the demand side remains constant. If you think of it in terms of the relationship between the US dollar, USD is the numerator and an ounce of gold is the denominator i.e. (USD/1 oz. GOLD). An increase in the denominator will subsequently lower the value (USD) of the total gold supply proportionately.
Your content is ok, but not complete. It would be great if you include the limitations of the gold standard in solving economic problems like the great depression, stagflation, etc.
How does the petro-dollar system tie into this?
More a video about the history of monetary policy, this is not an in depth explanation of why the gold standard was abandoned.
It seems that the smile is slowly diminishing as BRICS is starting to shape up. We are slowly seeing that countries such as China and Russia are trading outside the Dollar for commodities. Moreover, the US Dollar is losing trust as the United States is printing Dollars without any consideration to the effect this would have to the value of the Dollar. I guess the war in Ukraine is going to give birth to a new monetary standard.
Do one on Bitcoin
Short answer, money printer go brrrrrr
Long answer, money printer go brrrrrr and brrrrr
I lost my track when I saw Popeye.
What's the title of your intro sound
awesome, best video i have seen in weeks, great job
You should get out more, man.
@@normanplombe2889 fbi ? Or raw?
Just waiting for them to break their promise...they'll still be smiling though
i dont get it ; bretton wood system is not a change its the same system but gold is now replaced by dollar
Under the Bretton Woods system, other currencies were pegged to the USD; nowadays their value changes independent of the USD
@@infernalstan886 that was fixed exchange rate; it is still pegged to dollar but with a floating exchange rate. Dollar is still the world reserve curency in most countries; when we tranfer monet to any foreign country it is first converted to dollar and then to destination currency
It's just abandoned but the agreement is still there. When someday the money speculators knocking on the fed's door with tons of dollars asking for the gold they have the rights. That's why inflation. And guess what, if they knocked every central bank in the world. Victims of printing money.
Kusheen was here...
Good job, Nixon!
USA dollar no longer backed up by promise with a smile, but by endless printing and sanction.
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Great video 👌
Bitcoin.
why does every video about this topic claim a different beginning for the use of gold as money 😅 heard everything from egypt to turkey to middle east and always differrent time from like 100bc to 3000bc like wtf guys make a decision
America abandon the Gold Standard.
Notes and coins, and digits in a computer have NO intrinsic value!
Watch how bitcoin takes over and ruins your perspective
Nothing we accept as money does really.
Neither does the dried paint on a Picasso.. however -
Nothing truer. The only things with inherent value are labor, food, and water. With labor, anything can become valuable and the food+water are a given.
@@petrusviljoen1338 I'm from the future and your BTC is crashing...
Happy birthday to the fiat dollar
I hear that our national parks are the new collateral, instead of gold. Not just America, but hundreds of nations owe huge swathes of land to the banks against our debt. :/ Verify yourself for truth, but that's news to me. Still researching it.
very good summary and explanation, but it sounds like you are sooo bored :D
BIggest mistake in human history
Planned so the USD can be the dominant currency
@@abdirahmanidris290 Inflation has 1 flaw. doing it
And this is why we're in this whole inflation madness. Thanks Uncle Sam
3:06 et cetera. The united states currency is fun. Its pretty... But honestly it is not as secure as the british pound, which manipulates dozens of countries currency via royal hierarchy (and the collective hierarchies of the world) . the imf was reverse sponsored by foreign people , check the founders. The dollar is nothing but a shield, your statement near the end is just your opinion. Especially now with the trade war with china and their defiancy of their own currency manioulation. Chairman Ping plays an old game with the currency. Whats your opinion on what happened to the titanic? One way for you to gain more views is to use a bit more controversial facts and figures in your vids.
Noted! I appreciate the feedback.
"I appreciate the feedback."
The man just told you he think's you're a dumbfuck and you haven't processed this 2 years on. Genius!
XRP
please stop saying turkey, say anatolia. turkey has not done shit and is there as invaders and should not be associated with all the groundbreaking stuff taking please there before they forced themselves there.